I realize that probably the best way to gain this knowledge is with consistent experience. 

And what I'm realizing is the process for residential properties is much easier than commercial properties.

In 2021,I was doing a backdoor IRA for the first time and incorrectly did a re-characterization for $6000 instead of conversion,I realized the mistake and corrected if after few days, in the mean time the value has gone down to $5779,I did not have any gains, now i got a 1099-R for my Roth IRA for the incorrect conversion?

I may have a property "wishlist" of additional features/amenities, but those are sprinkles on top of the important stuff (the criteria I NEED for the property).EDIT: I realized I should clarify what "broad" is in terms of a search... price range, area, bed / bath requirements, square footage, things like that. 

Buzzetta From the responses you have received so far, I hope you realize that you have clearly shown you are not a stupid person. 

I am still running the numbers especially now that I have realized the insurance much higher than anticipated. 

I just realized I have a conflict Friday as well.

Most OOS investors fail to realize that Detroit was geographically built for 2 million people, but currently has less than half that population.Some areas of the city, maybe 1/3, are coming back strong, another 1/3 is so-so and the last 1/3 is no mans land.How long you have sit on a piece of land before you can profit on it, depends on where you buy.

I wanted to attach the spreadsheet I created to track my journey, but realizing now I can't actually attach a file...

The "skin in the game" issue is handled because the deal really only works if *both* properties are on our portfolio (at least until we can refinance out of FHA and seller financing).Seller likes this offer, but is now realizing he'll have a substantial capital gains and depreciation recapture tax bill from selling these.